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Asia and Australia: Crypto and Blockchain News Roundup, 10th to 16th August 2018

Asia and Australia

Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country.

Japan

Financial watchdog publishes findings on crypto exchange inspections: Japanese financial watchdog Financial Services Agency (FSA) has recently published the results of its on-site inspections of cryptocurrency exchange operations.

New exchanges hoping to get an official operating license will now be required to submit to more rigorous oversight of the FSA as a result of these inspections. According to official data from the FSA, hundreds of companies in the cryptosphere including exchanges are in its waiting list for approval. As of now, more than USD 7.1 billion worth of assets are present in domestic exchanges across Japan with each exchange having an average of just 20 employees. This means each employee is managing as much as USD 29.7 million assets.

The agency also highlighted Anti-Money-Laundering (AML) concerns among certain exchanges as well. The investigation of the USD 532 million heist of Japanese exchange Coincheck will also resume after this internal investigation.

South Korea

Exchanges criticize tax break exclusion: South Korean exchange and blockchain associations have hit back at the new tax breaks announced by the government for new growth technologies as they appear to have been excluded from the benefits.

The decision to offer tax breaks came from the South Korean Ministry of Small and Medium Enterprises (SMEs) and they excluded cryptocurrency platforms because they are categorized as entertainment or gambling businesses and, therefore, not eligible for tax reliefs. Overall, 157 technologies across 11 areas were made eligible by the ministry.

$4.4 billion innovation plan to give fiscal support to blockchain innovation: The South Korean Ministry of Economy and Finance has outlined KRW 5 trillion (USD 4.4 billion) for innovative industries in 2019, including some for blockchain industry as well.

The official press release titled ‘Growth through Innovation Investment Plan’ revealed the increase of KRW 2 trillion for 2019. The education program intends to have 10,000 qualified workforce personnel in these cutting-edge fields in the next five years.

China

Aerospace industry turns to blockchain for invoicing issues: The Chinese aerospace industry is looking towards blockchain technology to provide a solution for its invoicing for tax issues.

According to the government website, more than 1.31 billion electronic invoices were circulating in the system in 2017 and it is forecast that it will rise to 54.55 billion by 2020 thus creating massive problems for the airlines.

The efforts to introduce blockchain technology aim to reduce the burden of these invoices including false reports and streamline the overall data sharing process.

Government releases blockchain guide for bureaucrats: The Communist Party of China (CPC) has announced a blockchain guidebook that outlines the key features of the technology and future applications, meant to be used by bureaucrats for future reference and understanding.

The tech guide covers many facets of the futuristic technology. Ye Hao, the president of the People’s Network said:

“We call on the industry peers to continue to look at the blockchain technology with a development perspective. Looking at the blockchain label from a scientific perspective, look at the blockchain industry with a strategic eye, look at the blockchain business opportunities with a calm eye, promote the sustainable and healthy development of the blockchain industry.”

IT ministry focuses on blockchain tech for data security: The Chinese IT ministry is focusing on blockchain technology for future data security applications with a blockchain research laboratory in the cards.

The ministry is looking to develop a strong ecosystem for the future applications of the technology especially in data security and management. It also intends to expand the research into other fields.

India

Government considering replacing smart travel cards with crypto tokens: The Indian government is considering replacing smart travel cards with crypto tokens for the ease of commuters.

A senior official from the finance ministry said that the committee is looking to undertake research on how to create a crypto token using a custom blockchain to help replace smart cards in the public sector, especially metro cards.

Australia

Former cricket captain Michael Clarke endorses ICO: Michael Clarke, ex-captain of the Australian national cricket team, has endorsed an initial coin offering, prompting skeptical reaction on Twitter from the wider cricket audience.

The platform claims: “…[it] combines premium education, important industry updates and a social platform, which is sure to revolutionize the way we invest and live. Our mission is to develop, advance and modernize the industry, making it more accessible, transparent and forward-thinking.”

The platform is looking to raise up to AUD 50 million in its upcoming ICO.

 

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World Bank and Commonwealth Bank Team up with Blockchain

The World Bank and The Commonwealth Bank of Australia have combined to create an Ethereum-based Australian dollar blockchain bond.

The bond project has a target of between USD 50 million and USD 100 million for sustainability projects. The World Bank issues between USD 5060 billion a year for project funding around the world.

With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries.

The World bank has three priorities in working with countries to end poverty and boost prosperity for the poorest people. It helps to create sustainable economic growth, the surest path out of poverty. It also invests in people, through access to health care, education, water and sanitation, and energy, building resilience to shocks and threats that can roll back decades of progress.

The Commonwealth Bank of Australia (CBA) is one of the country’s big four banks and has been chosen to be responsible for the new blockchain bond after consulting with investors. Microsoft had carried out an independent review of the CBA’s blockchain platform which will run on the MS Azure cloud platform.

The World Bank sees blockchain as the ability to streamline its necessary processes simplifying the raising of funds and operational conditions. The banking giant issued its first global bond as far back as 1989 and the first electronic bond in 2000.

As for selecting both the CBA and Ethereum for the project, World Bank treasurer Arunma Oteh said that it had worked with the Australian bank for a year before it could launch the project. Ethereum was top of its list as it had “the largest and most active development community globally”.

The CBA has recently been very active in using blockchain for a number of its recent projects including a shipping project reported by Bitcoin News recently. The bank shipped 17 tons of almonds from Sunraysia to Hamburg, Germany using a newly-developed blockchain platform. The trial demonstrated the usefulness of blockchain technology in international supply chains by tracking the almonds every step of the way from packing in Australia to delivery in Germany.

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World Bank Mandates First Ever Blockchain Bond

The World Bank has mandated the Commonwealth Bank of Australia (CBA) to authorize the world’s first blockchain bond. The foreign bond issued in Australian dollars has been dubbed bond-i, an acronym for Blockchain Offered New Debt Instrument, as well as a reference to Sydney’s Bondi Beach.

bond-i

A joint press release from the World Bank and the CBA describes bond-i as the first of its kind to be fully managed with blockchain technology. The bonds will be entirely created, allocated and transferred using distributed ledger technology to secure every transaction.

Noting the benefits of applying blockchain technology to bonds, the two organizations wrote in the press release that blockchain is capable of streamlining the processes of a number of debt capital market intermediaries and agents. Several benefits of this are listed, including simplifying raising capital and trading securities, improving the efficiency of operations and augmenting oversight of regulations.

Arunma Oteh, World Bank Treasurer, said: ”We believe that emerging technologies, equally offer transformative, yet prudent possibilities for us to continue to innovate, respond to investor needs and strengthen markets.”

The World Bank and CBA have built a private, Ethereum-based blockchain platform on which bonds will be issued and distributed. The CBA said that they were open to using alternative blockchain networks as the space continues to evolve.

Sophie Gilder, Head of Blockchain Innovation Labs at the CBA said that bond-i is a significant step in unlocking the revolutionary potential of blockchain in financial services and markets.

Investor interest in bond-i has already been strong, according to the World Bank, although it plans further consultations with investors prior to launching the transaction.

The World Bank will run its operations for the bond from Washington, DC, with the institution already responsible for issuing between USD 50-60 billion annually in bonds for sustainable development.

 

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Australian Cricket Ex-Captain Michael Clarke “Given Out” by Tweeters After ICO Endorsement

Former Australian cricket captain Michael Clarke has put his name behind an ICO, causing a stir in the Twitter community.

Clarke has endorsed Brisbane-based crypto exchange Global Tech, who is looking to raise up to AUD 50 million (USD 36 million) in its upcoming ICO. Global Tech, which was founded a little over a year ago by Andrew Mclean and Marlon Donaire, describes itself as a platform which:

“…combines premium education, important industry updates and a social platform, which is sure to revolutionize the way we invest and live. Our mission is to develop, advance and modernize the industry, making it more accessible, transparent and forward-thinking.”

Exciting times ahead 👌🏻👍🏻https://t.co/kFey7jqCLF pic.twitter.com/iTW3NX28S0

— Michael Clarke (@MClarke23) August 8, 2018

Australian cricket is very much under the microscope at the moment, so it is unsurprising that the announcement that Clarke was involved with the ICO launched the usual negative Tweeting. The comments were spurred on by the recent ball-tampering scandal which involved yet another ex-captain of the national cricket team, Steve Smith, after sandpapering a ball in a test match in South Africa this year.

One such detractor was Bronte Capital founder John Hempton (also known to some for his appearance in an episode of the Netflix series Dirty Money). Hempton commented that Clarke was “squandering his reputation on an initial coin offering” adding:

“Whether Michael Clarke is breaking Australian law regarding advertising investments with this Tweet I will leave for ASIC and their lawyers to decide.”

ffs, ex Australian cricket captain in an ICO.

Suggest Mr Clarke you just buy sandpaper.

It will do less damage to your reputation… https://t.co/lyoHNxm1aS

— John_Hempton (@John_Hempton) August 8, 2018

The Global Tech founders admit that the sector does include scams and illegitimate companies but wants to address this issue with its own ICO arguing that there are still many “fantastic blockchain and cryptocurrency companies” in the industry. The company declares that:

“Andrew and Marlon propose to bring legitimacy back to the industry with a community and education-based trading and exchange platform. With their revolutionary vision and entrepreneurial ethos, they spent months tracking down the right people to create the perfect team, and make their vision a reality.”

Business crowdfunding has been an issue this year in Australia’s burgeoning crypto community. The corporate regulator, ASIC, has introduced measures to protect investors, along with the Australian Competition and Consumer Commission, sending some ICO plans back to the drawing board.

 

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Asia and Australia: Crypto and Blockchain News Roundup, 3rd to 9th August 2018

Asia and Australia

Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country.

China

Court sides with exchange despite allegations of defying government crypto ban: A Beijing court took the side of a cryptocurrency exchange despite strict local rules preventing cryptocurrency transactions and trade.

In a detailed judgment, the court upheld a decision on Bitcoin trader Li Jianfeng that he must return the proceeds of BTC 5 that he got by accident back in 2017. Li liquidated the cryptocurrencies immediately after that.

The case was complicated because cryptocurrency exchanges and transactions are under a blanket ban by the Chinese government and Li’s counsel argued that the transactions couldn’t be recognized by the court but the court still ruled that Li should return the funds.

The court’s judgment said:

“In this case, whether or not Coinnice’s establishment as a Bitcoin trading platform has violated relevant rules, does not have any impact on Li’s liability to return the profits he received with no legal basis… As such, the court denies his appeal and the decision is final.”

Alibaba working on application of blockchain technology: Alibaba, one of the largest e-commerce companies in the world, is working on application of blockchain technology and already has the largest number of blockchain-related tech patents in the world.

According to Jing Xiandong, CEO of Alibaba’s financial arm: “We are the most patented company in the world of blockchain technology.”

Overall, 43 blockchain-related patents were claimed by Alibaba in 2017 alone. That is around 11% of the total number of blockchain patents filed in the space in the world. The Ant Financial System 2.0 released by the Alibaba’s financial arm is an open platform for self-operation and decentralization. Alibaba is also involved in blockchain partnerships around the world.

Thailand

50 ICOs apply for licenses: Increasing interest is being witnessed in the Thai crypto circles as more than 50 companies have applied for ICO permits, according to latest reports from the Bangkok Post.

The Thai Securities and Exchange Commission (SEC) has received increased interest after it announced that ICOs will have to be passed by it. ICOs normally look to raise funds through crowdfunding campaigns and SEC secretary-general Rapee Sucharitakul said that it remains to be seen how many of these new ICOs will actually be given license to operate in the country.

Japan

Crypto exchanges’ self-regulator applies for official status: Japanese cryptocurrency exchanges’ self-regulation body Japan Virtual Currency Exchange Association (JVCEA) is seeking official recognition from the government.

The union consists of 16 licensed cryptocurrency exchanges and are what they call security inspectors of Japanese exchanges themselves as part of a self-regulatory approach by them. The association has written up to 1,000 pages of self-regulatory measures.

The association filed for recognition and certification from financial regulator Financial services Authority (FSA) and said in the application that it is a “certified fund settlement business association” which will provide “guidance and recommendations to members to comply with regulations, laws and self-regulation rules”.

South Korea

Blockchain association presses for regulation efforts: The South Korean Blockchain Enterprise Promotion Association (BEPA) has pressed the government to swiftly pass blockchain and cryptocurrency regulation in the country.

Yoo Joon-sand, president of BEPA said in a press briefing:

“But instead of welcoming the people’s fervor for the technology, the government is focused on controlling it to address negative short-term side effects. This is essentially kicking away the economic opportunities that lie in front of us.”

The association is a powerful union with ex-politicians, academics and even former Prime Minister Lee Soo-Sung is part of its team.

Philippines

Government Using Blockchain Technology in Cleaning Rivers: The Philippines government is working on a blockchain system to help clean up a local river.

The Pasig River Rehabilitation Council (PRRC) which is in charge of cleanup operations in the city is looking to partner with CypherOdin, a blockchain startup with an environmental focus to help save a river that is one of the most polluted rivers in the country.

India

Government planning blockchain district in Hyderabad: The Indian government’s IT division is planning a new blockchain center in the city of Hyderabad in a partnership with multinational IT services company Tech Mahindra.

The two groups signed an MoU for future work on the center. The project is part of India’s agenda to bring new technological innovation in the country.

Australia

“Time traveler” millionaire investor plans crypto bank: Aussie cryptocurrency millionaire Fred Schebesta who claims to have traveled in time is trying to establish his own bank in the country to circumnavigate strict crypto-related restrictions in place in the Aussie system.

According to Schebesta:

“You don’t have your money. The bank has your money. Have you ever gone to the bank and asked for all your money? If everyone did a bank run on CommBank [Commonwealth Bank of Australia] right now, they wouldn’t be able to service it. That’s why I’m so big on crypto. I think eventually people will go, “Oh my god, this is so messed up”, and they’ll move to where they can hold their value. Not all of their money, but some of it.”

The eccentric millionaire says he “travels” forward in time to benefit from cryptocurrencies.

 

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From Coal to Crypto in Australia’s South-West as New Era of Mining Arrives

The buoyant Australian cryptocurrency market is in the news again with the construction of a new crypto mining facility in Australia’s south-west corner.

The target for this new facility is the Western Australian coal mining town of Collie just 200 kilometers south of the state capital Perth. Collie once referred to as a “dirty mining town” is mainly known as a coal-producing center but also offers industrial, agricultural and aquaculture tourism industries.

The center is a project devised by DC Two and its subsidiary crypto firm D Coin who have announced it as “the first behind the grid data center in Australia powered primarily from renewable energy sources”. The center will be powered by a solar farm built by Hadouken Pty.

DC Two’s aim is to host cryptocurrency mining and high redundancy zones for traditional IT workloads. A company statement said:

“By providing customized low-cost hosting options specifically engineered for cryptocurrency and Bitcoin mining at globally competitive rates, DC Two and D Coin have been able to attract the interest of both the local and international crypto mining community.”

The aim is to keep international cryptocurrency miners within the country rather than being lured overseas. This is the second of its kind that has been proposed in Australia this year after mining hardware distributor Royalti Blockchain Group (RBG) signed a contract to build a crypto mining complex in a decommissioned power station in Hunter Valley, New South Wales worth USD 142 million.

The South-West complex in Collie due to come online next year will draw an expected power supply of up to 4MW. The installations are expected to service 256 IT racks, with each rack delivering up to 30KW.

“In complete crypto mining configuration, using the initial 4MW power availability, the data center could mine about 650 Bitcoins per annum worth around USD 6 million based on current mining and exchange rates,” DC Two explained.

 

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“Time Traveler” Millionaire Investor Plans Australia’s First Crypto Bank

An Australian crypto enthusiast has set plans in motion to open his own crypto bank. Fred Schebesta has decided on a radical scheme in order to circumnavigate restrictive regulations by Australian banks towards anything cryptocurrency-related by opening his own bank and doing what he needs to get a share in an established bank.

The West Australian enthusiast has purchased a personal shareholding in an existing bank, West Australia’s Goldfields Money, in order to obtain an authorized deposit-taking institution (ADI) license to get his plans on the road.

Tiny by banking standards, Goldfield’s Money has a USD 35 million market cap but it does have the much-needed ADI, in fact, the only one in Western Australia to have it. Schebesta explains his reasoning:

“You don’t have your money. The bank has your money. Have you ever gone to the bank and asked for all your money? If everyone did a bank run on CommBank [Commonwealth Bank of Australia] right now, they wouldn’t be able to service it. That’s why I’m so big on crypto. I think eventually people will go, “Oh my god, this is so messed up”, and they’ll move to where they can hold their value. Not all of their money, but some of it.”

The current legal situation that the crypto banker-to-be is clearly attempting to come to terms with is as follows:

“New entrants to the banking industry will be able to apply for a Restricted ADI license, which will have a lower barrier to entry than a full ADI license, to assist their transition into the industry over a two-year period…  Restricted ADIs will be subject to an aggregate deposit limit of $2 million and must disclose to all its customers that they are operating on a restricted license.”

Schebesta clearly feels that his crypto bank idea is worth all the paperwork regardless of Bitcoin’s current fluctuation fortunes in the crypto market. He explains:

“At its core, you’ve got to remember, just because the price of Bitcoin has gone down and people feel angry, that doesn’t reduce the interest… We’re living in the future. That’s what I’m all about. I think I’m a time traveler. I travel forward five years into the future, work it out then come back and try to take active steps to make it happen.”

His enthusiasm is reflective of Australia’s current drive towards crypto adoption, with recent deals in the pipeline including a new contract which will allow IBM to explore blockchain technologies and integrate some of the results into the Australian political structure over the next five years.

The passionate crypto-enthusiast hopes to have his bank ready for business within 18 months. If Australia is ever governed by blockchain, Schebesta’s crypto bank will certainly be well placed for business.

 

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Asia and Australia: Crypto and Blockchain News Roundup, 27th July to 2nd August 2018

Asia and Australia

Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country.

South Korea

Exchanges could lose SME tax relief: South Korean exchanges could lose tax relief for small and medium enterprises (SMEs).

A new draft bill in the South Korean National Assembly may set the course for the abolition of the tax waiver that gave tax exemptions to small businesses from 50% to 100% on income or corporate tax in the first five years of operations.

Under the new revised laws, cryptocurrency exchanges could become financial institutions, causing them to fall under the jurisdiction of Financial Services Commission (FSC).

Philippines

Securities and exchange commission releases draft of ICO regulations: The Philippine Securities and Exchange Commission (SEC) has released a draft of regulatory guidelines that would be consulted by the government before passing any laws.

The proposed regulation requires startups and companies file applications with the SEC entailing future function of tokens and business operation of the company. The applications will need to be made within 90 days of the commencement of the token pre-sale.

The new move is seen as a way to stop illicit ICOs operating in the country.

China

Xiong’an City set to pilot Dream City Initiative between government and ConsenSys: In a first, the Chinese city of Xiong’an will pilot a new program that will transform the city into a “dream city”. The project is a collaboration between crypto platform ConsenSys and the Chinese government and backed by President Xi Jinping himself.

Urban development in China in the last three decades has been massive and new cities have been developed just to address the increasing need for mega cities in the country. The dream city move will see the city become a leading tech hub for the country.

According to Joseph Lubin, co-founder of Ethereum and Founder of ConsenSys:

“As one of our first major projects in the People’s Republic of China, we are excited to help define the many “use cases” that could benefit from the trust infrastructure enabled by Ethereum technology.”

The move will see the first time that a foreign crypto platform has been tasked with developing infrastructure in the country.

Hong Kong

23% of Hong Kong residents willing to invest in crypto: A survey conducted by the Hong Kong Blockchain Association (HKBA) has shown that around 23% of Hong Kong residents are considering to invest in cryptocurrencies.

The survey also revealed that a majority of the population had concerns regarding the cryptocurrencies including its mechanism but was willing to give them a chance because they were new.

Vietnam

Crypto mining farm found abandoned, investors missing $35M: A Vietnamese crypto mining farm owner has reportedly absconded with over USD 35 million of investor funds.

The Sky Mining Business offered investors a chance to buy shares of the coin mining company hardware and earn profit in Bitcoin. The packages included a one-time payment between USD 100 to USD 500 as well as personal use of mining device for up to ten months.

The CEO, however, had other plans as he is AWOL right now and none of the hardware and investment can be tracked down as of now. The Vietnamese authorities are in hot pursuit.

Thailand

Movie theater to accept crypto as government opens doors: The largest Thai movie theater chain, Major Cineplex, is now accepting cryptocurrency payments.

There are 143 theaters under the Thai chain right now, the largest one being the Paragon Cineplex in Bangkok. The company also has a presence in neighboring countries of Laos and Cambodia.

The move was allowed by the Thai Securities and Exchange Commission (SEC) that is proactive in allowing cryptocurrency use in the country.

Pakistan

Economic woes could increase crypto usage: Economic woes in the country could increase cryptocurrency adoption in the country as Localbitcoins.com traffic also experienced an uptick during the recent devaluing of the national currency.

Pakistan endured a grueling political campaign this year and the shortage of foreign currency such as US dollars could spell an increase in adoption of cryptocurrencies in the near future.

Australia

17 tons of almond exported to Germany using blockchain: The Commonwealth Bank of Australia (CBA) has said that the country has successfully exported 17 tons of almonds from Sunraysia to Hamburg, Germany using a newly implemented Blockchain platform for trading.

A live trial of the blockchain technology-based system was conducted by the CBA in a first. The managing director of Industrial and Logistics at CBA said:

“Our blockchain-enabled global trade platform experiment brought to life the idea of a modern global supply chain that is agile, efficient and transparent. We believe that blockchain can help our partners reduce the burden of administration on their businesses and enable them to deliver best-in-class services to their customers.”

 

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Popular Crypto Travel Company Gets Boost from Queensland Government

Australian crypto travel company TravelbyBit has just been awarded a grant from the Queensland state government of AUD 100,000.

The company has a hand in numerous projects throughout Australia’s travel and tourism industry as becoming well known across the nation for the supportive role it has taken in promoting using digital currency for travel.

TravelbyBit CEO Caleb Yeoh said it was early days for crypto, and that there was strong support for it as a “social movement”. The company currently supports many new crypto enterprises in the hospitality industry including the new crypto project with Queensland’s International Airport retailers, which is off to a slow start with just a handful of transactions in the airport each day so far, worth between USD 5 and USD 55.

No project is too small for the company as it designs tourist routes within Australia and offers selected providers with their own TravelbyBit digital currency payment platform. The company allows customers to pay in a digital currency of their choice.

Queensland Innovation minister Kate Jones commented on the importance of Australia’s tourism industry both at State and Federal levels:

“Tourism is one of Queensland’s most important industries… TravelbyBit has devised a clever way to make it easier for visitors to our state to pay for their purchases with a growing number of local businesses accepting cryptocurrency payments.”

The crypto travel specialist is one of 70 companies that are to receive the state government s grant of AUS 8.3 million and hopes that the funds that TravelbyBit receive will help them to scale up its current operations.

Yeoh says that now 150 merchants across the country have tapped into Bitcoin payments through his company and says he is now targeting a different type of traveler:

“With this next phase of technology, we are targeting a different brand of tourist – the tech-savvy travellers from anywhere in the world who are looking to book their travel experiences ahead of their trip and use digital currency to pay for their travels.”

TravelbyBit currently accepts BTC, ETH, XEM and plans to accept BNB in the future.

 

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Sustainable Sugar Blockchain Project Receives $1.7M from Australian Government

The Australian government has funded the Sustainable Sugar Project with the equivalent of USD 1.7 million to track the origin of sugar imported into the country.

The project has been curated by the Queensland Cane Growers Organization using blockchain technology to track the source, and movements of sugar being sold in Australia. It is part of a larger initiative of the Smart Cane Best Management Practice that is attempting to bring transparency to the sugar industry and promote sustainability.

The organization spoke to Foodnavigator-Asia on Monday, outlining the benefits of utilizing blockchain technology in the food industry, noting that its immutable nature with all transactions recorded can give consumers confidence in their purchases and promote improved food standards policies.

The Sustainable Sugar Project is a collaboration of industry expertise from individuals in the farming and blockchain sectors, basing the initiative on three key factors: productivity, sustainability, and profitability.

Agriculture minister David Littleproud said the technology involved with the project would help assure buyers of the sustainability of the sugar and practices involved in cultivating it. He predicted that as the demand for sustainably-sourced products grows, people will be happy to pay more for sugar that can be proven to meet their required expectations.

Blockchain in logistics

This is not the only exciting blockchain innovation Australia is involved with right now, however. The Commonwealth Bank of Australia announced Monday it had successfully shipped 17 tons of almonds from Sunraysia to Hamburg, Germany while utilizing a newly-developed blockchain platform.

These cases are both examples of the practical use-cases of blockchain in international supply chains, allowing the movements of commodities to be tracked across the globe. Blockchain technology is being hailed by logistics companies as a cheaper, more effective alternative of tracking complex supply systems.

 

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